Genting Singapore

From TA point of view, the current price of $1.28 has managed to reclaimed it's 20 days moving average which is being viewed as quite positive/bullish!

1.28 is also staying well above it's 50,100 & 200 days moving average that may likely see it's price continue to head higher.

Short term wise, it may move up to test the recent high of 1.33,breaking out of 1.33 with ease + good volume that may propel to drive the price higher towards 1.40 then 1.45 with extension to 1.50.

Not a call to buy or sell.

Please do your own due diligence.

Genting Sing - these are my thoughts and findings on Genting Singapore.  Genting Singapore derive it's revenue mainly from the operation of Resorts World Sentosa, a large integrated lesiure and hospitality resort located on Sentosa island of Singapore. It features six uniquely themed hotels, a casino, one of the world's largest aquarium S.E.A. Aquarium, Southeast Asia’s only aquatic park integrated with marine life - Adventure Cove Waterpark, Southeast Asia’s first and only Universal Studios theme park – Universal Studios Singapore, Singapore’s largest destination spa – ESPA, a wide selection of indoor and outdoor MICE venues, and a variety of dining, retail and entertainment options. Genting Singapore has went through a series of capital raising through debts and equity to fund the building of Resorts World Sentosa. This was a very large project undertaken by Genting Singapore years back which ran into billions of Singapore dollars in order to achieve what we see now as the completed Resorts World Sentosa. It is with this backdrop that I will discuss the performance of Genting Singapore after having spent so much capital into this huge project. Resorts World Sentosa had it's grand opening in 2012. Thus, it has been officially opened for the past about 6 years. I shall look at Genting Singapore's performance from 2012 to 2017 over the span of 5 years after the grand opening of Resorts World Sentosa, where it's derives almost all it's revenues from this huge project.quote :

( jeremyowtaip)  First, we look at the compounded annual growth rate (CAGR) in revenues for Genting Sing. Over the past 5 years, it's revenues have not grown but instead decreased by about 18.8%. I was surprised why it's revenues did not grow but instead decreased. I took a look at the breakdown of it's revenues of which the majority of revenues came from it's gaming revenue (casino operations) while the other second major revenue stream came from it's non-gaming revenue (other non-casino operations). It's gaming revenue is around close to three times it's non-gaming revenue. We can see that the total revenue of Genting Sing really depends on their revenue derived from casino operations. Over the past 5 years, the gaming revenue has decreased while non-gaming revenue has increased to offset some of the decrease in gaming revenue. But due to the majority of revenue are derived from gaming revenue, the total revenue thus decreased over the past 5 years. We see that the revenue of the casino has decreased over the past 5 years. It is worth investigating further why was there a fall in revenue of casino operations over the past 5 years? Next, we look at the CAGR in operating profits. Operating profits have grown at a CAGR of 0.83% over the past 5 years. Despite a fall in revenues over the past 5 years, Genting Sing has still managed to grow it's operating profits at a meager rate. I see that they have managed to reduce their administrative expenses and also selling and distribution expenses over the past 5 years despite a fall in revenues to protect their operating profits from suffering a similar drop. However, a CAGR of 0.83% is still like not much growth at all! There are so many much better investment ideas out there which definitely produces much higher CAGR in their operating profits even over a short period of 5 years! Next, we look at the CAGR of net profit attributable to shareholders of company. This has grown at a CAGR of 0.46% over the past 5 years. This again confirms that the growth in profitability over the past 5 years was not great. Next, we look at the CAGR of diluted earnings per share (EPS) attributable to shareholders of company over the past 5 years. The diluted EPS has grown at CAGR of 0.76% over the past 5 years. Again, this is another confirmation that the growth in profitability over the past 5 years was not great. I looked at the individual years from 2012 to 2017 to see how the individual year's profitability has changed. The profitability has decreased and then increased again in 2017. The drop in profitability reflected in it's operating profit and net profit attributable to shareholders of company can be quite significant for example in 2015. Therefore, I reach a conclusion that for a shareholder of this company, one has to be prepared to face wild swings in the profitability of this company as the swings can be quite significant in any year. Of course, if an investor can time his entry to buy the shares at lower prices when the profitability has dropped to a low point in preparation for any potential significant recovery in profitability in subsequent year, this investment could be a good candidate to speculate on it's swing in profitabilities. As such, due to the low growth in profitability over the past 5 years, the various returns on assets, returns on equity and returns on invested capital were consistently at low single digits suggesting Genting Sing is a low return investment.

Next, we look at how some of their balance sheet metrics have changed over the past 5 years. I tabulated the various metrics as follows for 2012 vs 2017: Current ratio = 4.29 (2012) vs 4.78 (2017) Quick ratio = 3.59 (2012) vs 4.58 (2017) Debt to equity ratio = 0.3 (2012) vs 0.16 (2017) Ordinary shareholder equity CAGR over 5 years = 2.34% Genting Sing's balance sheet has been very strong over the past 5 years. It did a series of capital raising through borrowings and equity over the past decade to fund the building of Resorts World Sentosa. However, the various balance sheet metrics reflected that Genting Sing did not have any problems with over-leveraging or liquidity issues over the past 5 years. Genting Sing grew ordinary shareholder equity at CAGR of 2.34% over the past 5 years thus making their shareholders wealthier in their investment in Genting Sing.

However, at a CAGR of 2.34%, it pales in comparison with many other companies out there which can grow their ordinary shareholder equity at much higher growth rates making their shareholders wealthier even faster. Next, we look at the growth in cashflows. Genting Sing grew their operating cashflows at a CAGR of 3.92% over the past 5 years. It grew it's free cashflows at a CAGR of 25.4%.

 I noticed that their capital expenditures have reduced significantly over the past 5 years in which the capital expenditures to purchase property and equipment has reduced sharply. Perhaps they have already completed most of their massive capital expenditures when they built the Resorts World Sentosa and for the first few years after it's grand opening in 2012, the ongoing capital expenditures requirement has continued to drop to a lower level. This reduction in capital expenditures have certainly helped to grow their free cashflows at high CAGR of double digits over the past 5 years.

Thus, Genting Sing is now reaping a good harvest from what it has previously sowed by getting free cashflows at a high CAGR on this huge investment in Resorts World Sentosa. As for current developments, Genting Sing has raised a Samurai bond of approximately $175 million to bid for casino license in Japan. It is still awaiting further legislation approval to allow the opening of casinos in Japan. Among the bidders are strong names like US's Las Vegas Sands and Macau's Galaxy Entertainment Group which have also expressed interest in vying for an entry into Japan market. I have attached a link to an article from Nikkei Asian Review which has details on the above development. Valuation wise, if we assume that Genting Sing will continue to grow their EPS at historical CAGR of 0.76% for next 7 years, using my method of estimation, the fair share price for it is $0.50.

 The market is trading Genting Sing at $1.28 which is assuming a higher CAGR of 7% to it's EPS. Can Genting Sing improve it's profitability significantly going forward at higher CAGR? If it can, then current share price is not over-valued. ( the tecent 1Q 2018 seems to see Net profit rises quite significantly) also did a discounted cashflows analysis using a discount rate of 15% and the estimated intrinsic value per share comes out to $1.95.

This is just an estimate and the intrinsic value per share could change significantly depending on the discount rate used. My conclusion is that if we focus on the forward profitability of Genting Sing, then it's share price could be over-valued now. However, if we focus on the forward growth in it's free cashflows, then Genting Sing is under-valued now. If we take both forward growth in profitability and free cashflows together with an average fair share price worked out from $0.50 and $1.95, it comes out to $1.225. Out of curiousity, I checked out SGX Stocks Facts to see what it reflected there for Genting Sing's current valuation based on an equal weighted combination of various ratios used in assessing Genting Sing's valuation score versus it's peers.

The ratios used include P/E, P/B, P/FCF, dividend yield, EV/EBITDA and EV/sales. Based on an equal weighted combination of these various ratios, Genting Sing is currently estimated to be slightly over-valued as compared to it's peers. I think my main consideration in choosing a great investment idea is that it must not have any flaws or the only one or two flaws it have can be easily overcome in a short period of time.

For Genting Sing, I see it's volatile profitability as a potential inherent weakness that is difficult to grasp even though it's reduction in capital expenditures and growth in free cashflows so far looks good. If there is another better investment idea which combines all growth in profitability, growth in free cashflows and strong balance sheet all looking good and the growths are visible into the next few years without the investor needing to guess on it, shouldn't he consider the investment idea that present all stars align together?

One plus factor is the dividend has been generally increasing from the initial 1 cents to 3.5 cents. An increase of 2.5 x .
Different individual may have different way of calculating the intrinsic value. I may roughly estimate the intrinsic value ( cashflows) as $1.95 x 0.8 = $1.56. The upside potential of 21.9% base on current price of $1.28

Thus, if I were to consider Genting Sing, it will only be a speculative value play when very visible value emerges rather than a long term investment.

Trade/invest base on your own decision.

Hi-P

From TA point of view, it has now managed to reclaimed its 20 day moving average which is quite positive and may likely continue to trend higher.

Good thing is that it has managed to bounce-off from its recent low of 1.27 on 23 May 2018 and rises higher to touch 1.42 on 30 May 2018, this is rather bullish.

Yesterday closing price of 1.42 is rather healthy as it has managed to retest the recent high and may likely continue to move up towards 1.52 then 1.57 . Filling up the Gap at about 1.63 would be rather bullish and may likely drive the price higher towards 1.78 which is also coincide with its 50 days moving average.

Not a call to buy or sell.

Please do your own due diligence.

NAV of 65.4 cents.
Rolling EPS of 15 cents.
PE of less than 10X
Dividend of about 10 cents.
Yield is 7% which is rather impressive.

Yesterday Nasdaq notches a record close as shares of Apple and Amazon jump to new highs 

• Monday marked the first record closing high for the Nasdaq dating back to March 12, when it closed at 7,588.32.
• The tech-heavy index rose 0.7 percent as Apple and Amazon gained 0.8 percent and 1.5 percent, respectively.(cnbc.com)

This may likely bring cheers to local Tech counter like Hi-P and hopefully see its price rises to retest 1.52 and above.

Latest 1Q result for your reference. Gross Profit increased 13% to reach 37.8m. 
Net Profit increase marginally of 1.3% to 12.1m after factoring the foreign exchange loss of 13m..

Hi-P International Limited operates as an integrated contract manufacturer serving the telecommunications, consumer electronics, computing and peripherals, lifestyle, and medical and industrial devices industries. The company operates through three segments: Precision Plastic Injection Molding; Mold Design and Fabrication; and Provision of Sub-Product Assembly and Full-Product Assembly Services. It manufactures and sells molds and special tools, related housing appliance plastic components and equipment, and water treatment equipment; plastic components and plastic product modules; mold base and components; electric components and electronic communication equipment; in-mold decoration lenses; precision stamped metal components and precision tools; and metal and non-metal stampings, as well as provides spray painting, engineering support, maintenance, and technology consultation services. In addition, the company engages in the manufacture, wholesale, import and export, and sale of electronic telecommunication devices, housing appliances, automated equipment, and related components. Further, it manufactures and sells trays, mobile phones, telecommunication products, digital cameras and related electronic products, and electric toothbrushes; assembles coffee machines and parts, as well as provides related maintenance and after-sales services; and offers investment and management consulting services. Additionally, the company engages in the assembly and provision of ancillary value-added services, primarily surface finishing services. It has operations primarily in the People's Republic of China, Singapore, Malaysia, Thailand, Europe, the United States, the rest of Americas, and internationally. The company was founded in 1980 and is headquartered in Singapore.

Sunningdale Tech

After touching the low of $1.25 on 17th May 2018, it has managed to bounce-off and rises higher to hit 1.46 on 28th May 2018, this is rather bullish!

The current price of 1.39 is now taking a breather and may likely move up to retest the recent high of 1.46 again. At 1.39 is hovering above its 20 days moving average which is rather positive and may likely continue to drive the price higher to retest  1.46 then 1.55 with extension to 1.61.

Not a call to buy or sell.

NAV 1.98.
dividend of 7.5 cents.
Yield of 4.6%
PE of 10x

Please do your own due diligence.

Sunningdale Tech - I have looked through Sunningdale Tech and here are my thoughts on this tech company.

Sunningdale Tech is a leading Asian tooling, plastic injection moulding and precision assembly company. They are currently operating in four main business segments namely automotive, consumer/IT/environment, healthcare and tooling/mould fabrication. They currently have 19 manufacturing facilities spread across 9 countries and as their chairman mentioned, they continue to receive queries from both new and existing customers who recognise their ability to undertake projects on a global scale. So far so good, the background business profile seems to suggest they are a global player in their field.

The chairman in the FY16 annual report did raised a few challenges their businesses constantly face such as foreign exchange movements, rising labour cost, pricing pressure from customers, rising input costs, and structural reforms in China (which affects their China based businesses).

With these backdrop, let us look into their business performance so far over the past decade. First, we look into how their revenues have grown over the past decade. Revenues have grown by a compounded annual growth rate (CAGR) of 6.52% over past decade.

Next, their operating profit has grown by a CAGR of 9.2% over the past decade.

Next, their profit attributable to shareholders has grown by a CAGR of 9.98% over the past decade.

Next, their diluted earnings per share (EPS) has grown by an impressive CAGR of 25.9% over the past decade.

This is a low profit margin company. Let's look at how the profit margins have changed a decade ago compared to now.

Operating profit margin = 4.6% (2007) vs 5.9% (2017)
Profit attributable to shareholders margin = 3.1% (2007) vs 4.3% (2017)

The various profit margins have improved over the past decade though they are generally still at low single digits. The operating profit, profit attributable to shareholders and diluted EPS have all grown faster than revenues. It seems that Sunningdale Tech have managed to keep the various operating expenses well controlled to achieve better operating efficiency. Indeed, the % of operating expenses (excluding finance cost) over revenues have decreased from 12.4% to 9.6% over the past decade. In 2017, operating expenses (excluding finance cost) only made up 9.6% of their revenue. They have been definitely doing well to reduce operating expenses while improving profit margins amidst a challenging business environment they operate in with pricing pressure from customers and rising input cost and labour cost over the past decade.

Now let's look some of the various metrics from their balance sheet and see how have they changed over the past decade.

Current ratio = 1.21 (2007) vs 1.74 (2017)
Quick ratio = 0.39 (2007) vs 0.39 (2017)
Debt to equity ratio = 0.29 (2007) vs 0.28 (2017)
Shareholder equity CAGR = 1.12%

This was a net net company (current assets > total liabilities) a decade ago and a decade later, it still maintains it's net net company status. The company has maintained similar leverage level taken a decade ago and now. It's balance sheet is strong as it has maintained it's net net status over the past decade. However, Sunningdale Tech did not grow it's shareholder equity at high CAGR thus not making their shareholders wealthier at a fast rate.

The returns on assets, returns on equity and returns on invested capital a decade ago were at low single digits of 2.36%, 3.75% and 3.62% respectively. However, the various returns have improved over the past decade and now returns on assets, returns on equity and returns on invested capital stand at 6.98%, 13.28% and 10.75% respectively. Clearly, the management has become more efficient over the past decade in producing better returns.

 The question now is can the management continue to improve their various returns any further or are these the best they can achieve? This is because the various returns though have improved over the past decade, have also remained stagnant around current levels for the past 3 years.

Next, we look at how their cashflows have grown. Operating cashflows have not grown much at all and remained at about similar levels now as compared to a decade ago. Free cashflows have decreased in their reported FY17 financial results as compared to a decade ago. I noticed the trend of their operating cashflows and free cashflows over the past decade can be quite volatile with some years having more operating cashflows and free cashflows while other years having lesser.

Nevertheless, their free cashflows are still able to meet their dividends paid. One may need to watch their future cashflows carefully to make sure their cashflows can continue to grow even while over any single year, it may show volatile swings. If future cashflows do not grow anymore and even show a decreasing trend, then it could be a potential red flag to watch out for.

Nevertheless, Sunningdale Tech has strong balance sheet. But, we will also like to see that it can continue to receive increasing operating and free cashflows from it's businesses as it continues it's growth. Or else, the current assets carried on their balance sheet though looking impressive giving them a net net status and especially made up of a good amount of trade and other receivables, may start to make one worry whether there are any difficulties with collecting cash from these receivables.

Overall, I find Sunningdale Tech still an alright investment for consideration. But based on some of the above potential weak spots such as the weakness of it's cashflows being raised and operating in a constantly challenging environment, I will put it as an alright but not fantastic investment idea.

Valuation wise, if we assume the diluted EPS will continue to grow at a historical CAGR of 25.9% for next 7 years, the fair share price is $9.84. Wait a minute! This is insane! Sunningdale Tech is only trading at $2 now. At $2 now, the market is according a forward CAGR of 1.9% for the diluted EPS of Sunningdale Tech. Either the market is very intelligent or very stupid from what I can see. Perhaps from certain potential weak spots in the businesses such as the volatile cashflows and challenging operating environment as mentioned earlier, the market is discounting Sunningdale Tech.

I also noticed that the diluted EPS of Sunningdale was also volatile as well over the past decade with some years swinging into losses. The significant growth in the diluted EPS came in only from 2015 to 2017. Previous years had much lower diluted EPS registered. Thus, I think it is better to watch out whether Sunningdale Tech can continue to register stable growth in it's diluted EPS. As such, I think I will perhaps follow the market's assumption that Sunningdale Tech will grow it's diluted EPS at CAGR of 1.9% as a conservative measure and see the current traded price of $2 as my final conclusion of it's fair share price. Any upside will have to depend on how Sunningdale Tech can stably grow it's diluted EPS and cashflows over the next 7 years.

Thus, a fair share price of $2 is not too low an estimate (factoring in a margin of safety for the investor) in order to give the company time in future to see whether they can stabilise their growth going forward in these two areas of their diluted EPS and cashflows, minimising their volatilities, and even avoid any potential losses. If they can do that, their share price will certainly have much room to run higher.

Not a call to buy or sell.

dyodd.

SATS

The latest FY 2017 result : Group revenue was $1.725B

• Operating profit dipped 1.8% to $226.4M

• Share of results from associates and JVs rose 9.2% to $71.2M

• PATMI grew 1.4% to $261.5M • ROE remained creditable at 16.2%

• Free cash flow generated was $146.3M

• EPS improved by 0.9% to 23.4 cents

• Proposed final dividend of 12 cents per share will increase full year dividend by 1 cent to a total of 18 cents

NAV of $1.425

PE of 22.4x

Yield of 3.4% base on current price of $5.25 per share.

Dividend has been constantly increasing from 2013 to 2017.

Net Profit margin has also been generally increasing which is quite positive .

Let us take a look at the financial results numbers for past 5 years:

Hi Sporeshare@jeremyowtaip, SATS was an investment idea that I almost wanted to get in last year when it was trading around $4.60+ region. However, wonder if I was unlucky or what, the share price shortly after I had finished my due diligence started to move higher as though it disliked me from buying it. Thus, I held back and did not chase it at higher price. I was in fact hoping to get it even lower at $4.50 back then but since the price did not go lower but instead went higher, I gave up and moved on to other stock ideas.

Back then I took an interest in SATS after hearing my father talked about how my uncle entered this stock some years back when it was still trading about $1 plus to $2 plus region. My uncle held it until now and it is now at $5+ when he at least double to triple his initial capital. Well, this is not something to scream about over the past decade as there were even stocks which performed much better than SATS in their share price growth. But, it is at least better than punting a wrong penny stock and made losses along the way over the past decade.

Thus, I think my uncle who has very limited investment knowledge also knew how to exercise his common sense to pick reasonably good stocks (though may not be one of the best performing stock) at a cheap price and keep holding it until now to reap such a return on his capital turning in a 2 to 2.5 bagger over the past decade. That equates to a similar performance to ETFs or low cost fund which track S&P500 index that also became a 2.5 bagger over the past decade. This is still a somewhat decent showing of SATS share price performance over the past decade.

The revenues of SATS have compounded over the past 9 years at compounded annual growth rate (CAGR) of 6.78%. The operating income (EBIT) has compounded over the past 9 years at CAGR of 3.2%. The net income has compounded over the past 9 years at CAGR of 3.77%. The EPS has compounded over the past 9 years at CAGR of 3.6%.

The operating cash flows has compounded over the past 9 years at CAGR of 7.97%. The capital expenditure has compounded over the past 9 years at CAGR of 21.73%. The free cash flows has compounded over the past 9 years at CAGR of 5.21%. The dividends per share has grown from 10 cents 9 years ago to now 16 cents.

The returns on assets, returns on equity and returns on invested capital have took a retreat over the past 9 years but have recovered again in the recent few years back to the same levels as 9 years ago.

If we look at the past 9 years performance of SATS in terms of it's profitability in compounded growths in revenues, operating income, net income and EPS, all the CAGRs of the respective metrics point towards one conclusion. This is a steady but slow growth company. Even though it maybe making some progress in it's topline growth, it's bottom line did not follow the same growth rate and instead only turn out a low single digit compounded growth rate.

If we look at the cash flows trend, this is definitely a cash generating machine albeit not a high growth rate in generating cash. In fact, it's compounded growth in capital expenditure is much higher than compounded growth in operating cash flows and free cash flows. It has invested increasingly a lot more money in capital expenditures in order to generate cash inflows. However, if we look at the ratio of free cash flows to capital expenditures over the past 9 years, the amount of free cash flows generated in any one single year was always about twice or more than twice the amount of capital expenditure. This company was generating hell lots of free cash flows even if it increasingly need to spend more in capital expenditure. No wonder the share price has performed reasonably well over the past 9 years even though not something super fantastic to scream about.

It's current 9M17-18 financial results seems to picture a flat results y-o-y with almost everything from revenue, operating income, net income, EPS, operating cash flows being flattish. Maybe that could be partly the concern why it's share price did not went any much higher but instead dropped from it's peak of $5.85 to now $5.00 after the recent 9M results were announced.

Let's look finally at the valuation with this updated set of 9M17-18 results. If we assume that it's EPS will continue to grow at same CAGR of 3.6% and this could be a reasonable CAGR given that SATS really is not a high growth company anymore. In it's recent financial reports, even though they mentioned some possible areas of growth they are looking at and investing in, it does not seem to really boost their growth currently by any large magnitude. Well, at current large revenue level of $1.73 billion, I guess it is not easy for SATS to grow at any meaningful high double digit growth rates anymore going forward. Maybe they could turn in any single year of superb growth. But to sustain at such high double digit growth rates over the longer term may not be an easy feat for them at their current large size and also in their competitive environment. The management also acknowledges that their operating business environment is challenging and meets with cost pressure.

Using my method of estimation, at current share price of $5, the market is according a CAGR of 6.4% over the next business cycle (7 years forward) for the EPS of SATS. If we assume SATS will follow it's historical CAGR of 3.6% for it's EPS, then a fair value for it's share price will be around $3.69.

However, there could be a twist in this. Over recent two years, the EPS has grown faster than over previous period. If SATS can indeed produce a better CAGR on it's EPS perhaps around 5%, then using my method of estimation again, it's fair share price will be $4.35.

Thus, there are two possible fair values now for your consideration.
The more conservative fair value is around $3.69. The more optimistic fair value is around $4.35. In any case, this means that the share price of SATS is currently overvalued and has possible room to fall to it's fair value. This fall in share price could be likely should the full year FY17-18 results ending in Mar 18 remains flattish or see a marginal decrease which is not impossible since the 9M17-18 results are already flattish. Let's see whether SATS FY17-18 results to be announced in another about two months time will surprise on the upside or confirm my thinking that it could be a flattish year for them in their performance.

theintelligentinvestor

Reply to @jeremyowtaip : Great analysis! I have similar view that the topline is growing faster than the bottom line, like most instances, is because the business needs higher Capex to have incremental growth. I prefer the lower capex to grow type of businesses, but they are hard to find and also not cheap.

But having said that, I think overall the earnings power is still there, they have a nice moat around their business, and generating good earnings and cash flow. A 3.6% growth will mean doubling the business every 20 years. For me I don’t have problem with low growth businesses, I have some stocks that are also in the same moderate range of 3-5%. What is left is the price, at PE 21, it is on the overvalued side. But if I have bought this like your uncle at $2, I will likely keep holding it, as fundamentally it is still the same, only thing has changed is the price.

Company bought back share:

SATS did a series of share buy backs recently from mid-Feb to now. I noticed their prices they bought ranged from $4.99 to $5.20. The funny thing and irony is that you posted your comment just after they announced up till their latest share buy backs in this recent series of share buy backs. The management think their share price is cheap to have done share buy backs at current prices while we were discussing that the current share price is overvalued. I will still stand by my view that their share price is currently overvalued. What an irony here! Haha!

Not a call to buy or sell.

Please do your own due diligence.

Safe Heaven Bond

The Singapore Saving Bond : The monthly issuance size of the SSB Programme has been increased to $250m from this month .

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The redemption period opens at 6pm on the 1st business day of each month and closes at 9pm on the 4th last business day of the month. Redemption proceeds will be paid by the end of the 2nd business day of the following month. Will I receive any interest? Savings Bonds pay interest every 6 months.

If you redeem your bond when there is a scheduled interest payment, you will receive the scheduled interest together with your redemption amount. If you redeem before the scheduled interest is paid, you will receive a pro-rated amount, called the accrued interest, which is the interest you have earned but have not been paid.

CityDev , UOL & Capitaland

Property counter 

The local properly counter are trading on a Down trend mode chart patterns.
This is rather bearish as can be seen from the chart reflected for these 3 counters.
The current price is trading well below its 20, 50, 100 & 200 days moving average.

More over MACD is still trending downwards and it may likely provide further indication that the share price may continue to head further South.

CityDev:

As can be seen from the chart , after hitting the high of $13.50 price level, it has seen corrected sharply and went down to touch the low of $11.06 .

Breaking down of this price level of $11.06 would be super bearish and we can expect to see the price slide further down towards $10.50 .

With Dow overnight gaining +217 points, it might be a good opportunity for those who want to exit/lock in profits when a short rebound may likely happen!

Please do you own due diligence.

UOL:

After touching the high of $9.48 , it has since retreated sharply and went down to touch the low of $7.99 before closing slightly highly at $8.10.
This is rather bearish!

Short term wise, a technical rebound may likely happen. If it is not able to hold above $8.00 price level then it might give way and continue to trend lower to test the next support level at $7.47 .

So , investor or trader may want to watch out for this critical price level at about $8.00 psychological price level.

Capitaland:

After hitting the high of $3.87, it has since correctly sharply and went down to touch the low of $3.44 price level.

Breaking down of this price level would be rather bearish and may likely continue to see price further sliding down towards $3.30 then $3.20 with extension to $3.13.

I think short term wise, we may likely see a short rebound happening soon.
Investor / trader may want to make use of this opportunity to trim their lossses  or exit to lock in their profit.

Not a call to buy or sell.

Trade/invest base on your own decision.

City Developments Limited (CDL) is a leading global real estate operating company with a network spanning 100 locations in 28 countries. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically-diverse portfolio comprises residences, offices, hotels, serviced apartments, integrated developments and shopping malls. With a proven track record of over 50 years in real estate development, investment and management, CDL has developed over 40,000 homes and owns over 18 million square feet of lettable floor area globally. Its diversified land bank offers a solid development pipeline in Singapore as well as its key overseas markets of China, UK, Japan and Australia.

UOL Group Limited, through its subsidiaries, primarily engages in property development and management, property investments, and hotel businesses. Its property development projects include residential units, office towers and shopping malls, and hotels and serviced suites. The company also owns and/or manages approximately 30 hotels under the Pan Pacific and PARKROYAL names in Asia, Oceania, and North America with approximately 10,000 rooms in its portfolio. In addition, it is involved in the rental of serviced suites, commercial offices, and retail malls; treasury services business; management of serviced suites; operation of restaurants; and management and operation of health and beauty retreats and facilities. Further, the company engages in the retail of computer hardware and software; property trading business; management and licensing of trademarks; and provision of information technology related products and services. UOL Group Limited has operations in Singapore, Australia, Vietnam, Malaysia, the People’s Republic of China, Myanmar, and the United Kingdom. The company was formerly known as United Overseas Land Limited and changed its name to UOL Group Limited in 2006. UOL Group Limited was founded in 1963 and is based in Singapore.

CapitaLand Limited, together with its subsidiaries, develops, owns, and manages real estate properties in Singapore, China, other Asian countries, Europe, and internationally. The company operates through four segments: CapitaLand Singapore, CapitaLand China, CapitaLand Mall Asia, and Ascott. Its real estate portfolio includes integrated developments, shopping malls, serviced residences, offices, and homes. CapitaLand Limited also owns and manages real estate investment trusts and funds; invests in real estate financial products and assets; and provides investment advisory and management services. The company was formerly known as Pidemco Land Limited and changed its name to CapitaLand Limited in November 2000. CapitaLand Limited was founded in 1989 and is headquartered in Singapore.